Sensible Money LLC Decreases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Sensible Money LLC lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,922 shares of the natural resource company’s stock after selling 1,996 shares during the period. Freeport-McMoRan comprises 1.2% of Sensible Money LLC’s portfolio, making the stock its 11th largest holding. Sensible Money LLC’s holdings in Freeport-McMoRan were worth $2,426,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in FCX. Jones Financial Companies Lllp boosted its holdings in Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after buying an additional 532 shares in the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $214,000. NEOS Investment Management LLC lifted its holdings in shares of Freeport-McMoRan by 36.2% in the fourth quarter. NEOS Investment Management LLC now owns 20,315 shares of the natural resource company’s stock valued at $865,000 after purchasing an additional 5,397 shares in the last quarter. Rafferty Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 5.0% in the fourth quarter. Rafferty Asset Management LLC now owns 122,378 shares of the natural resource company’s stock valued at $5,210,000 after purchasing an additional 5,773 shares in the last quarter. Finally, Belpointe Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 38.6% in the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after purchasing an additional 4,703 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FCX shares. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Scotiabank lowered shares of Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price objective for the company. in a research report on Monday. Raymond James boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Finally, Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $50.38 on Wednesday. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The company has a 50 day moving average price of $43.83 and a 200 day moving average price of $47.61. The firm has a market capitalization of $72.37 billion, a price-to-earnings ratio of 44.58, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. During the same quarter in the prior year, the business earned $0.35 earnings per share. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.60%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.